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Importance of Insurance


Insurance is one of the ways you can mitigate and hedge against the risk of unforeseen losses. While risks lead to rewards, the downside is a possible loss. Losses can happen due to multiple reasons both on professional and personal fronts.

There is no denying that you will have greater peace of mind if you know that you and your loved ones are financially secure from various unforeseen situations. Uncertainties in life could crop up at any moment, such as an unfortunate death or a medical emergency. These situations also include an accident or damage to your vehicle, property, etc.

Bearing the financial impact of these situations can burn a hole in your pocket. You may need to dip into your savings or your family’s hard-earned money. Thus, there is a pressing need for insurance for you and your family for proper coverage and financial support against all risks linked to your life, health, and property.

Types of Insurance:

There are several types of insurance plans available. Some of the commonly preferred ones include the following:

1- Life insurance

insurance is what you can avail to safeguard your family in case of your death during the tenure of the policy. The most basic form of life insurance available to buyers is term insurance. Life insurance helps secure your family financially with a lump sum amount that is paid out in the event of the policyholder’s death within the policy period

2- Health insurance

This is purchased for covering medical expenses revolving around various health issues, including hospitalization, treatments, and so on. These insurance plans come in handy in case of medical emergencies; you can also avail of cashless facilities across network hospitals of the insurer

3- Child Plans

These insurance policies are savings instruments that help in generating lump sum funds whenever children reach a certain age for pursuing higher studies. In these plans, the life assured is that of the child or the recipient of the funds while the parents are the policy owners

4- Home Insurance

These insurance plans cover any damages to the home on account of accidents, mishaps, and natural calamities, among other such events

5- Auto Insurance

These are insurance plans for vehicles, including cars and bikes. These offer protection against natural calamities, damages to third parties (people who have incurred losses or been hurt in an accident with the policyholder’s vehicle), and also damage to the vehicle along with mishaps and accidents.

There is no doubt that insurance seems important in our time, as it has become necessary to register with an insurance company to provide some reassurance to individuals or companies.
In some countries, insurance is considered necessary, such as insurance for the vehicle purchased by the individual, health insurance for workers, etc.

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